Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES

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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
The Company leases aircraft, land, hangars, buildings, fuel tanks and tower sites under operating lease agreements.
The majority of the bases from which the Company operates are leased with remaining terms between one and 54 years. The Company’s lease agreements are either month-to-month or non-cancelable and generally provide for fixed monthly rent payments. The Company also generally pays for insurance, taxes and maintenance expenses associated with these leases which is excluded from its lease liability and recognized as incurred.
Operating leases for the periods reflected in the table below were as follows (in thousands, except years and percentages):
Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Cash paid for operating leases $ 109,244 $ 106,408 $ 69,669
ROU assets obtained in exchange for lease obligations $ 73,290 $ 135,650 $ 107,034
Weighted average remaining lease term
4 years
5 years
5 years
Weighted average discount rate 6.58  % 6.38  % 6.09  %
The Company’s leases for aircraft range up to base terms of 144 months with renewal options of up to 72 months. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require the Company to pay a stipulated amount if the Company defaults on its obligations under the agreements.
Rent expense for the periods reflected in the table below were as follows (in thousands):
  Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Rent expense under all operating leases $ 107,356  $ 102,729  $ 74,378 
Rent expense under operating leases for aircraft $ 86,581  $ 80,889  $ 57,976 
As of December 31, 2024, aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for aircraft, are as follows (in thousands):
Aircraft Other Total
Twelve months ended December 31,
2025 $ 81,383  $ 11,508  $ 92,891 
2026 70,915  8,869  79,784 
2027 50,727  5,963  56,690 
2028 34,088  4,760  38,848 
2029 13,329  2,593  15,922 
Thereafter 18,971  7,264  26,235 
$ 269,413  $ 40,957  $ 310,370